SALEM, Ore., Nov. 10, 2016 /PRNewswire/ -- Willamette
Valley Vineyards (NASDAQ:WVVI), a leading Oregon producer of Pinot Noir, generated income
applicable to common shareholders of $467,979, or $0.09 cents per share, for the third
quarter of 2016, up from $454,256, or $0.9 cents per share, for the corresponding prior
year period, representing a $13,723 or 3.0% increase in income applicable to common
shareholders compared to third quarter 2015.
The Company produced revenues of $4,741,711 and $4,244,519 in
third quarters of 2016 and 2015, respectively, an increase of $497,192 or 11.7%. An increase
in both direct sales and distributor sales, when comparing the third quarter 2016 to third quarter 2015, accounted for the
increase in total sales.
Selling, general and administrative expenses were $2,046,948 and $1,889,206 for the third quarters of 2016 and 2015, respectively, an increase of $157,742 or 8.3%.
Income from operations was $994.303 and $746.745 for the third
quarters of 2016 and 2015, respectively, an increase of $247,558 or 33.2%. This increase was
the result of both increased sales and a higher gross profit margin for third quarter 2016 when compared to third quarter
2015.
Jim Bernau, Founder and President of the winery, said, "We are very pleased with our growth in
sales and operating income. Right now, dividends are holding down net earnings per share because capital generated from the
sale of Preferred Stock has yet to be deployed into enterprises that generate earnings."
Willamette Valley Vineyards, Inc. is headquartered at its Estate Vineyard near Salem,
Oregon. The Company's common stock is traded on NASDAQ (WVVI) and preferred stock on NASDAQ (WVVIP).
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, and are identified by such words and phrases as "expects," "thinks," "believes," "anticipates" and
words of similar import. Such forward-looking statements are subject to risks and uncertainties and actual results could
differ materially from those projected. Such risks and uncertainties include, but are not limited to: availability of
financing for growth, availability of adequate supply of high quality grapes, successful performance of internal operations,
impact of competition, changes in wine broker or distributor relations or performance, impact of possible adverse weather
conditions, impact of reduction in grape quality or supply due to disease, impact of governmental regulatory decisions and other
risks.
|
|
Three months ended
|
|
Nine months ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
SALES, NET
|
$ 4,741,711
|
|
$ 4,244,519
|
|
$ 13,564,508
|
|
$ 12,878,174
|
COST OF SALES
|
1,700,460
|
|
1,608,568
|
|
4,999,908
|
|
5,178,536
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
3,041,251
|
|
2,635,951
|
|
8,564,600
|
|
7,699,638
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
2,046,948
|
|
1,889,206
|
|
6,000,017
|
|
5,609,342
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS
|
994,303
|
|
746,745
|
|
2,564,583
|
|
2,090,296
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
Interest income
|
2,688
|
|
74
|
|
7,489
|
|
78
|
|
Interest expense
|
(71,264)
|
|
(76,535)
|
|
(216,429)
|
|
(231,544)
|
|
Other income, net
|
35,626
|
|
37,502
|
|
162,126
|
|
155,427
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
961,353
|
|
707,786
|
|
2,517,769
|
|
2,014,257
|
|
|
|
|
|
|
|
|
|
INCOME TAX PROVISION
|
(361,542)
|
|
(253,530)
|
|
(952,896)
|
|
(735,532)
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
599,811
|
|
454,256
|
|
1,564,873
|
|
1,278,725
|
|
|
|
|
|
|
|
|
|
Accrued preferred stock dividends
|
(131,832)
|
|
-
|
|
(325,418)
|
|
-
|
|
|
|
|
|
|
|
|
|
INCOME APPLICABLE TO COMMON SHAREHOLDERS
|
$ 467,979
|
|
$ 454,256
|
|
$ 1,239,455
|
|
$ 1,278,725
|
|
|
|
|
|
|
|
|
|
Basic income per common share after preferred dividends
|
$ 0.09
|
|
$ 0.09
|
|
$
0.25
|
|
$
0.26
|
|
|
|
|
|
|
|
|
|
Diluted income per common share after preferred dividends
|
$ 0.09
|
|
$ 0.09
|
|
$
0.25
|
|
$
0.26
|
|
|
|
|
|
|
|
|
|
Weighted average number of basic common shares outstanding
|
4,994,061
|
|
4,956,163
|
|
4,993,571
|
|
4,916,467
|
Weighted average number of diluted common shares outstanding
|
4,998,444
|
|
5,007,883
|
|
4,997,737
|
|
4,964,520
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/willamette-valley-vineyards-posts-a-profit-for-the-third-quarter-2016-300361053.html
SOURCE Willamette Valley Vineyards